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Ion Media Offers Exchange Extension

by Jon Hemingway -- Broadcasting & Cable, 6/27/2007 3:22:00 AM

Ion Media announced it will extend by ten business days the expiration date for its preferred stock exchange offer if holders of 50% or less of either series of stock have tendered by that expiration date. The company also pushed back the expiration date one day to July 11.

The exchange offer launched on June 8 but as of Tuesday, no shares were tendered. Holders of the outstanding preferred stock filed two complaints against the company in effort to delay the proceedings.

The exchange offer is part of a recapitalization plan launched to take ION private by Citadel Investment Group.

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